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IMF approves $ 2.9 billion line of credit for Ethiopia - France 24

2019-12-21T06:49:12.250Z

IMF approves $ 2.9 billion line of credit for Ethiopia



Washington (AFP)

IMF Executive Board On Friday Approved A $ 2.9 Billion Three-Year Aid Program For Ethiopia To Help Authorities Implement Economic Reforms, Monetary Fund Announces international.

Of this $ 2.9 billion, 308.4 million is released immediately, the IMF said in a statement.

"The program supported by the Fund aims to help the authorities reduce external imbalances, contain the vulnerability of the debt, (...) increase the mobilization of domestic resources, which will also help to devote sufficient resources to expenditure pro-poor, "said the IMF.

IMF issue 2 David Lipton noted that rapid growth over the past decade has reduced poverty and improved living standards in Ethiopia.

"However, the growth model driven by public investment has reached its limits," he said.

The growth of the Ethiopian economy is one of the fastest in Africa, but it is in fact largely due to state investments creating budgetary imbalances.

The economic program must, in particular, remedy currency shortages and runaway inflation while stimulating private investment.

A financial agreement with the Fund will support the authorities' plan, helping to catalyze the funding of other partners, also said David Lipton.

The Ethiopian government announced last week that foreign donors have pledged to finance up to 9 billion dollars (8.1 billion euros) for its ambitious program of economic reforms, crucial at a time when the country is going through a violent one. intercommunity crisis.

He said that this sum was in addition to previous commitments of $ 3 billion from the World Bank and $ 2.9 billion from the International Monetary Fund.

© 2019 AFP

Source: france24

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